Pfizer set forth terms of an improved proposal with a value of £53.50, with Pfizer and AstraZeneca shareholders owning approximately 74% and 26%, respectively, of the combined company. The initial proposal dating back to January valued the company at $98.7 billion.
Pfizer confirmed that it will not make a hostile offer directly to AstraZeneca shareholders and will only proceed with an offer with the recommendation of the board of directors of AstraZeneca
Both companies have aging portfolios and losses due to generic competition. Sales for each company fell 6% in 2013 with Pfizer's sales at $51.6 billion and AstraZeneca's at $25.7 billion.